Developer buys luxury waterfront project from bank

The Harborwalk development in Hitchcock has been sold to an Austin firm that plans to rebrand and complete the unfinished property.

Legend Communities Inc. acquired the 550-acre resort-style residential development from BBVA Compass. The property includes 380 lots, a 156-slip marina and an 11,000-square foot yacht club. The acquisition included 400 acres of land for future housing and more than 60 acres for canals.

In a press release, the new owner said it will rebrand the project, emphasizing its history as the Flamingo Isles project, a vision of Houston oilman John Mecom. It also plans to add a welcome center, wellness center with tennis courts, a fishing lodge, boardwalks, a lighthouse and a beach.